Canada Targets Aerospace For Growth
The Canadian government will invest about $800 million in aerospace and defense research and development over the next five years, Industry Minister Maxime Bernier announced on Monday. Companies based in Canada that are expected to benefit from the project include Bombardier, Pratt & Whitney Canada and training provider CAE Inc. The government will require companies to invest three to four dollars of their own capital for every federal dollar received. "Aerospace is a major contributor to wealth and job creation," said Don Campbell, chairman of the Aerospace Industries Association of Canada. "Government partnerships with industry serve a valuable purpose in stimulating technology development which would not otherwise occur." Canada's aerospace sector employs more than 75,000 workers, with annual sales of about $19 billion.